Chase Business Loans Review

Chase Business Loans is a business financing offering by Chase Bank, based in New York, NY. Founded in 1877, Chase Bank offers access to business loans in 23 states across the USA.

What are Chase Business Loans’s rates?

Chase Business Loans offers a fixed APR business financing product but they do not disclose their rates.

Does Chase Business Loans charge an origination fee?

Yes, Chase Business Loans charges a loan origination fee.

What limitations does Chase Business Loans set on the purpose of the loan?

Chase Business Loans considers loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of business loans does Chase Business Loans offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Chase Business Loans provides access to the following business loan types:

• Unsecured term loans
• Lines of Credit
• SBA Loans
• Merchant Cash Advances

Does Chase Business Loans charge prepayment fees?

No, Chase Business Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow from Chase Business Loans?

Loan amounts start at $5,000.

What is the maximum loan term you can get with Chase Business Loans?

Chase Business Loans offers business loans with terms ranging from 12 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Chase Business Loans?

Chase Business Loans does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 560 and up to 850 may be eligible for Chase Business Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Chase Business Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Chase Business Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity

Does Chase Business Loans report your account activity to credit bureaus?

Yes, Chase Business Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.